Top Crypto Tax-Friendly and Worst Countries With Up to 50% Tax
- UAE offers a zero percent tax on income and capital gains.
- Belgium charges a 33% tax on profits and 50% on professional income on crypto trades.
A statistical firm has released a list of the top 10 crypto tax-friendly countries, providing valuable insights for crypto investors and traders looking for places with favorable tax policies for their crypto investments.
According to the tweet, the top 10 crypto tax-friendly countries are the United Arab Emirates (UAE), Malta, Belarus, Monaco, Panama, Malaysia, Germany, Singapore, Switzerland, and El Salvador.
Further reports have affirmed that the listed countries are known for their relatively low taxes on crypto investments and supportive regulatory environment for the crypto industry. The inclusion of El Salvador, which recently adopted Bitcoin as legal tender, is particularly noteworthy, making the country an attractive destination for crypto enthusiasts.
Furthermore, countries such as the UAE offer a zero percent tax on income and capital gains and 0% VAT on crypto assets. On the other hand, Belgium was ranked as the country with the worst crypto taxation laws in a recent study. The country imposes a 33% tax on capital gains from crypto transactions and withholds up to 50% in taxes from professional income on crypto trades.
The report notes that any crypto gains up to $7,000 are subject to a 40% tax in Iceland, while more significant returns will incur 46%. Similarly, the sale of crypto is subject to a capital gains tax of up to 33% under Israel’s tax regime. These findings indicate the importance of considering tax policies when investing in the crypto market.